Investor Relations - News
Final Settlement Of The Acquisition Of The Business Assets Of Adelaide Fuel Injection Parts Pty Ltd, Adelaide Fuel Injection Service Pty Ltd And Rund Pty Ltd
Further to the announcements made by MTQ Corporation Limited ("MTQ") on 20 August and 25 October 2003, the Directors of MTQ are pleased to announce that the final consideration payable by MTQ's wholly owned subsidiary, MTQ Engine Systems (Aust) Pty Ltd ("MTQES"), for the acquisition of the business assets of Adelaide Fuel Injection Parts Pty Ltd, Adelaide Fuel Injection Service Pty Ltd and Rund Pty Ltd (together, the "AFI Group") pursuant to the terms of the agreement dated 20 August 2003 made between the AFI Group, Donald Wilkey and Cheryl Joan Wilkey (together, the "Vendors") and MTQES has been determined.
After taking into account the results of the stock take, payments made or received by the Vendors prior to completion of the acquisition for business assets, goods, services or benefits supplied or sold after completion, the apportionment of recurring outgoings and provisions for employee leave entitlements, the final consideration payable is A$5,771,348.19.
As MTQES had paid a cash consideration of A$5,977,633 to the Vendors on 24 October 2003 in accordance with the terms of the said agreement, a sum of A$206,284.81 was refunded by the Vendors to MTQES in cash on 12 December 2003.